MIRA INFORM REPORT

Report Date :

20.11.2013

IDENTIFICATION DETAILS

Name :	FUTURETECH INDUSTRIES LIMITED
Registered Office :	Plot No.1, Survey No.308 venkateswara Cooperative, Indus Trial Estate, Jeedimetla Hyderabad -500855, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.08.1991
Com. Reg. No.:	01-013088
Capital Investment / Paid-up Capital :	Rs. 35.069 Millions
CIN No.: [Company Identification No.]	U18100AP1991PLC013088
TAN No.: [Tax Deduction & Collection Account No.]	HYDE00174G
PAN No.: [Permanent Account No.]	AAACE4493Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader, Supplier, Importer and Exporter of Iron and Steel.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 530000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a well-established company having moderate track record. Management has failed to file the financials of 2012 as well 2013 with the government department. As per the previous, the profit margin appears to be low. External borrowing seems to be tremendously increasing which may act as a threat to the liquidity position. However, trade relations are fair. Business is active. Payment terms are reported as unknown. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Venkateswara
Designation :	Finance Department
Contact No.:	91-40-65968541
Date :	14.11.2013

LOCATIONS

Registered Office :	Plot No.1, Survey No.308 venkateswara Cooperative, Indus Trial Estate, Jeedimetla Hyderabad -500855, Andhra Pradesh, India
Tel. No.:	91-40-65968541
Fax No.:	Not Available
E-Mail :	futuretech91@gmail.com fil308@rediffmail.com
Website :	http://futuretechind.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Harivithalrao Venkateshwarrao Chintalapati

Designation :

Director

Address :

Plot No.24, Kamalapvri Colony, Sri Nagar Colony, Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

30.04.1939

Date of Appointment :

15.10.2008

DIN No.:

00012970

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999AP1989PLC057289	GAYATRI PROJECTS LIMITED	Director	04/11/2005	04/11/2005	-	Active	NO
2	U45200AP2004PLC044776	APR CONSTRUCTIONS LIMITED	Director	29/09/2007	23/09/2006	-	Active	NO
3	U15424AP2007PLC056495	AMR SANGAM SUGAR VENTURES LIMITED	Director	30/05/2008	30/05/2008	06/05/2011	Active	NO
4	U27109AP2005PTC046213	GLADE STEEL PRIVATE LIMITED	Director	30/09/2008	17/09/2008	12/07/2013	Active	NO
5	U18100AP1991PLC013088	FUTURETECH INDUSTRIES LIMITED.	Director	29/09/2009	15/10/2008	-	Active	NO
6	U45209AP2008PLC057269	GAYATRI INFRA VENTURES LIMITED	Director	17/07/2009	05/02/2009	-	Active	NO
7	U55101AP2007PLC053712	AMR HOSPITALITY SERVICES LIMITED	Director	27/09/2010	01/04/2010	13/07/2011	Active	NO
8	U51503AP2011PLC073495	VHR STEEL ENTERPRISES LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO
9	U40108AP2008PTC057788	GAYATRI ENERGY VENTURES PRIVATE LIMITED	Director	17/09/2012	29/05/2012	-	Active	NO

Name :

Mr. Golla Laxminarayana

Designation :

Additional director

Address :

6-3-Pj-50/A, Attenders Coloy, Punjagutta, Hyderabad – 500082, Andhra Pradesh, India

Date of Birth/Age :

19.07.1981

Date of Appointment :

05.01.2013

DIN No.:

03549481

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27310AP2011PTC076317	VELUGU STEELS AND TRADING PRIVATE LIMITED	Director	05/09/2011	05/09/2011	01/10/2013	Active	NO
2	U18100AP1991PLC013088	FUTURETECH INDUSTRIES LIMITED.	Additional director	05/01/2013	05/01/2013	-	Active	NO

Name :

Mr. Srinivasa Reddy Reddivari Bayyareddygari

Designation :

Address :

1-2-606/80, Flat No. 106, Park View APTS, Lower Tank Bund, Hyderabad – 500029, Andhra Pradesh, India

Date of Birth/Age :

16.05.1969

Date of Appointment :

05.01.2013

DIN No.:

01821893

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910AP1999PLC033042	PRIME INFOINVEST LIMITED	Director	03/11/2000	03/11/2000	06/07/2013	Active	NO
2	U27101AP1986PTC006975	SANMAT IRON AND STEEL INDUSTRIES PRIVATE LIMITED	Director	01/04/2001	01/04/2001	-	Strike off	NO
3	U24200AP1995PTC020265	HANSA SURGICALS PRIVATE LIMITED	Director	06/07/2004	06/07/2004	-	Active	NO
4	U45100AP1976PLC002027	PLATINA PROPERTIES AND PROJECTS LIMITED	Director	30/09/2005	05/03/2005	12/07/2013	Active	NO
5	U24239AP2002PTC038661	GENEMEDIX CABLES PRIVATE LIMITED	Director	17/03/2005	17/03/2005	-	Strike off	NO
6	U65910AP1988PTC009018	AJAY FINANCE PVT LTD	Director	24/03/2005	24/03/2005	-	Active	YES
7	U74210AP1991PTC012840	PEACE ENGINEERING WORKS PRIVATE LIMITED	Director	28/03/2005	28/03/2005	-	Dormant	NO
8	U29130AP2005PLC048443	SGC BEARINGS LIMITED	Director	14/12/2005	14/12/2005	-	Strike off	NO
9	U72200AP2003PTC042069	MEDICITI HEALTH CARE SERVICES PRIVATE LIMITED	Director	29/09/2007	17/01/2007	-	Active	NO
10	U51909AP2000PTC034057	BP FERRIUM INDUSTRIES PRIVATE LIMITED	Additional director	03/03/2008	03/03/2008	13/10/2008	Active	NO
11	L18100AP1981PLC003199	SAMRAT SPINNERS LIMITED	Additional director	06/08/2008	06/08/2008	-	Dormant	NO
12	U74140AP2000PTC033407	SWAIN FINANCE AND TRADING PRIVATE LIMITED	Director	29/09/2009	24/01/2009	-	Active	NO
13	U51433AP2011PLC073024	BRS ENTERPRISES AND TRADING LIMITED	Director	03/03/2011	03/03/2011	-	Active	NO
14	U74120AP2011PTC073294	MEDICITI NEWBORN CARE PRIVATE LIMITED	Director	15/03/2011	15/03/2011	-	Strike off	NO
15	U18100AP1991PLC013088	FUTURETECH INDUSTRIES LIMITED.	Additional director	05/01/2013	05/01/2013	-	Active	NO
16	U45200AP2005PTC045821	SONY PROJECTS PRIVATE LIMITED	Additional director	08/03/2013	08/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Venkateswara
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	5.51
Other top fifty shareholders	94.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Supplier, Importer and Exporter of Iron and Steel.

Products :

Description of product or services	ITC Code
Iron and Steel Products	730120

Exports :

Products :

Finished Good

Imports :

Products :

Metal Scrap

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit / Depend

PRODUCTION STATUS (As On 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Ceiling Fans	Nos		300000

GENERAL INFORMATION

Customers :

Others

No. of Employees :

25 (Approximately)

Bankers :

· Central Bank of India, 803, Anna Salai, Chennai - 600002, Tamilnadu, India

· Oriental Bank of Commerce, Fort Branch, Jash Chambers, Sir P. M Road, Fort, Mumbai, Mumbai - 400001, Maharashtra, India

· Bank of India, Anna salai, , Chennai - 600002, Tamilnadu, India

· Allahabad Bank, Ameerpet, Hyderabad, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	100.168	0.000
Loans taken for vehicles secured	0.629	0.941
Other debt secured	3.616	11.147
Total	104.413	12.088

Banking Relations :	---
Auditors :
Name :	G V Suryanarayana Murthi Chartered Accountants
Address :	B-166, Sanjeeva Reddy Nagar Colony, Hyderabad – 500038, Andhra Pradesh, India
PAN No.:	AJDPM5800C
Subsidiaries :	Srichakra Merchandising Private Limited CIN No.: U29305TN1999PTC042452

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3506880	Equity Shares	Rs.10/- each	Rs.35.069 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		35.069	35.069	30.769
2] Share Application Money		749.129	900.211	900.211
3] Reserves & Surplus		349.017	318.306	261.413
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1133.215	1253.586	1192.393
LOAN FUNDS
1] Secured Loans		104.413	12.088	0.000
2] Unsecured Loans		270.000	0.000	0.000
TOTAL BORROWING		374.413	12.088	0.000
DEFERRED TAX LIABILITIES		6.514	6.947	0.000
TOTAL		1514.142	1272.621	1192.393
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		157.802	151.283	76.167
Capital work-in-progress		3.828	3.828	3.773
INVESTMENT		514.810	517.398	506.596
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.227	10.227	11.042
	Sundry Debtors	1595.456	1314.572	1293.827
	Cash & Bank Balances	30.280	1.781	21.860
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1258.144	1029.261	1041.313
Total Current Assets		2894.107	2355.841	2368.042
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1628.204	1202.742	1018.394
	Other Current Liabilities	420.661	552.187	742.942
	Provisions	7.540	0.800	0.849
Total Current Liabilities		2056.405	1755.729	1762.185
Net Current Assets		837.702	600.112	605.857
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1514.142	1272.621	1192.393

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7177.470	5078.956	4628.892
		Other Income	60.447	23.658
		TOTAL (A)	7237.917	5102.614	4628.892
Less	EXPENSES
		Consumption materials changes inventories	7132.526	5078.545
		Employee related expenses	2.769	1.315
		Administrative selling other expenses	4.325	1.703
		TOTAL (B)	7139.620	5081.563	4622.138
					(Including Financial Expense)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		98.297	21.051
Less	FINANCIAL EXPENSES (D)		54.950	13.962
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.347	7.089	6.754
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.529	2.649	2.519
	PROFIT BEFORE TAX (E-F) (G)		37.818	4.440	4.235
Less	TAX (H)		7.107	1.486	1.322
	PROFIT AFTER TAX (G-H) (I)		30.711	2.954	2.913
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.138	19.184	16.271
	BALANCE CARRIED TO THE B/S		52.849	22.138	19.184
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	140.604	659.867
	TOTAL EARNINGS		NA	140.604	659.867
	CIF VALUE OF IMPORTS		NA	758.292	526.971
	Earnings Per Share (Rs.)		8.63	1.04	1.10

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	10000.000	7000.000

The above information has been parted by Mr. Venkateswara

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.42	0.06	0.06
Net Profit Margin (PBT/Sales)	(%)	0.53	0.09	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.24	0.18	0.17
Return on Investment (ROI) (PBT/Networth)		0.03	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.33	0.01	0.00
Current Ratio (Current Asset/Current Liability)		1.41	1.34	1.34

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	270.000	0.000
Total	270.000	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10314536	12/10/2011 *	3,000,000,000.00	CENTRAL BANK OF INDIA	803, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	B24411654
2	10306671	28/07/2011	600,000,000.00	ANDHRA BANK	T. NAGAR BRANCH, CHENNAI, TAMILNADU - 600017, INDIA	B20723987
3	90339916	05/05/1992	3,000,000.00	STATE BANK OF HYDERABAD	ERIRALD; AMRUTHA HILLS. PANJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500982, INDIA	-
4	90339902	08/01/1992	1,332,000.00	BANK OF BARODA	KHAIRATABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

· Building

· Plant machinery

· Office equipments

· Computer equipments

· Other equipments

· Furniture fixtures

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.23
UK Pound	1	Rs.100.18
Euro	1	Rs.84.06

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.